Gold price drifted during Asian trading hours on Wednesday morning as investors waited for the US Federal Open Market Committee (FOMC) to conclude its policy meeting later today. Spot gold was last at $1,232.20-1,232.60 per ounce, down just $0.50 from Tuesday’s close. Trading ranged at $1,230.20-1,235.20 so far. While no change is widely expected to the US Federal Fund rate, gold’s price direction would depend on the wording and tone of the policy statement, said James Steele, chief precious metals analyst at HSBC.
RESISTANCE1: 29300 RESISTANCE2: 29600 SUPPORT1: 28750 SUPPORT2: 28400.
RESISTANCE1: 37500 RESISTANCE2: 38100 SUPPORT1: 36500 SUPPORT2: 35900
CALL: SELL GOLD APRIL AROUND 29110 TARGET 28950 STOP LOSS 29205.